China Petroleum & Chemical Corp. Achieves Highest Net Profit To Shareholders In Past Ten Years

(RTTNews) - China Petroleum & Chemical Corporation said, according to the preliminary calculation, net profit attributable to equity shareholders of Sinopec Corp. for 2021 is estimated to increase by an amount between RMB34 billion and RMB40 billion, representing an increase between approximately 103% and 122%, from prior year. Net profit attributable to equity shareholders, excluding extraordinary gains and losses, for 2021 is estimated to increase by an amount between RMB66 billion and RMB75 billion, from previous year.

After some adjustments, net profit attributable to equity shareholders for 2021 is estimated to increase by an amount between RMB33.5 billion and RMB39.5 billion, representing an increase between approximately 101% and 119%, from last year.

The company noted that, in 2021, international crude oil prices rose substantially year over year, the domestic economy recovered steadily, and the demand for petroleum and petrochemical products recovered. The company seized the favorable market opportunities, strengthened the cost control, and significantly improved the gross profit of principal businesses.